The red candles continue to pile up in crypto.
It’s not a sharp selloff, but bitcoin $BTC$65,309.41 has steadily drifted lower by nearly another 3% since the U.S. stock market closed on Friday evening, touching a fresh 3-month low of $65,000 minutes ago.
The world’s largest crypto is now lower by 13.5% over the past week. Ether is down 18%, XRP 16.3%, and solana 18%.
Where’s the bottom?
“We’re watching the fourth capitulation event since the all-time high,” wrote analyst James Check early Saturday.
The majority of those booking losses, he said, are those who were too indecisive to buy last summer in the mid-high $60,000s, and then FOMOed into $BTC in September in the $80,000s. “[They] are now selling at the very price they wish they had taken advantage of three months ago.”
Bitcoin, he said, is now in “deep value” zone, last seen in February and late June of this year, and before that, late in 2022’s crypto winter. It doesn’t mean the bottom is in, but history shows that those who begin legging in will eventually find themselves in profit, said Check.
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